Why should One Use Multiple Payment Gateways?


Share on LinkedIn

What does the word Payment Gateway signify?

A payment gateway is a platform that allows sellers to accept and authorize payments from their customers. It securely transfers money from the consumer bank account to the seller.

What does the word multiple payment gateways denote?

Multiple Payment gateway means one seller offering various payment gateways (at the same time or different times) on their payment/checkout page.

The top 10 Payment Gateways around the world are given below:

  • PayPal
  • Amazon Pay
  • Braintree (A PayPal Service)
  • Stripe
  • 2checkout
  • Payza
  • Authorize.Net
  • BlueSnap
  • SecurionPay
  • Skrill

Electronic Payment System (E-commerce Payment System)

Meaning of an Electronic Payment System?

E-payment system is the method of making payments or transactions online for goods and services on an e-commerce website or electronic environment without the requirement to use cash or cheque in return.

Different types of e-commerce platforms used today are:

  • Credit Card
  • Debit Card
  • Smart Card
  • E-Wallet
  • Net banking
  • Mobile Payment
  • Amazon Pay

Upper-hand of using Electronic Payment System:

Faster and more accurate payments: It is easy to start and execute a completely electronic payment transaction in a second. In contrast, sending a paper check through the mail takes several days and completing a transaction.

Reduced Cost: This procedure reduces cost as they save money by eliminating the costs of paper checks, stamps, and postage.

Reach new audiences: When a company sets up a new website where customers can go and buy the products and services electronically, it enables it to reach a vast number of people. The customers can swiftly make the payment via any e-commerce payment method.

Better data access and reporting: Data is digitally stored in the cloud in this method. Financial experts can easily and swiftly find the data and reports related to the payments they need. It’s also faster, speeding up both approvals and payments procedure.

Significance of the term of International Money Transfer:

International money takes place when money is sent directly to the bank account of a person or business abroad.

Factors to remember while making a money transfer Internationally from India:

Transfer speed: One should expect an ideal timeframe of about 48-72 hours for the money sent from India through appropriate online channels and a few days for cheques and demand drafts to reach the required person.

Rate of Exchange: The foreign exchange rate is the value of a currency compared to another foreign currency. A slight difference in the exchange rate can significantly differ in sending a large sum of money.

Overhead Charges: A person will be charged a transfer fee that can be fixed or a percentage of the amount they are transferring and foreign conversion tax and service tax in some cases for each of the entities involved in the transfer process.

Suitable ways to Transfer Money Internationally:

  • Bank Drafts and Cashier’s Checks
  • International Money Order/ Offline Money Transfer
  • Online Money Transfer
  • Online Wire Transfer

Meaning Of Bulk Payment:

A bulk payment is a payment created from a bulk list, i.e., it means it is a payment to multiple beneficiaries from a single debit account. There are two types of Bulk lists: Standard domestic bulk payments and bulk Inter Account Transfers.

Different modes of Bulk payment:

  • Bank Transfers (ACH)
  • PayPal
  • Card Payments

Why do we need a bulk payment solution?

With the advancement of technology, there has been a drastic change in the payments industry.

We are still far from becoming a cashless society as we still tend to use paper cheques when it comes to payments of personal debts, vendors, employees, and customers.

Due to an increase in Bulk payment worldwide, the need for a bulk payment solution that can perform real-time bulk payments has become more prevalent than ever before.

According to the reports of 2019, the total number of users who made transactions using mobile wallets is 2.7 billion.

With respect to the above points, Bulk payment software is a one-stop solution to overcome all the challenges associated with bulk payments.

It enables the customer to deliver secure and fast payments by simplifying the time-consuming task associated with the expenses of many employees and consumers.

Benefits of Bulk Payment Solution:

Cost-effective: Coming up with a bulk payment solution is highly cost-effective as it reduces the cost associated with issuing physical prepaid cards or sending checks. Apart from this, Bulk payment also offers businesses the flexibility to change their pay-out option depending on the different requirements of their customers. Due to this flexibility, the business houses can easily have a perfect balance between optimizing and enhancing: customer satisfaction and managing costs.

Quick Payment disbursement: If a person owns a company and has many employers, it is best to use the bulk payment solution instead of cheques for payments. It will replace the cumbersome process of issuing paper cheques with an efficient and streamlined workflow.

Limited prone to errors: Physically managing many payments is very difficult as it is highly susceptible to errors. However, it is crucial in business houses, and one cannot avoid it. This is where bulk payment solution comes into the picture and enables businesses and governments to execute bulk payments with zero errors.

Manageability level goes up: Bulk payment solution reduces the time consumed in the paper checks or cash transfer and ensures that all the stakeholders get their money quickly.

Why do people still not use digital payments?

Trust: There is a lack of trust in people regarding digital payments. Some do not use it. After all, they do not feel safe using it because they do not trust the Internet and the perceived security risks. It is basically because people in this category have limited experience with the online world through a lack of exposure and understanding of how it works.

Habit: Some people are accustomed to the traditional method of purchasing and selling goods. Their lives are centered around being paid in cash and buying with cash only. They have not very well accepted a shift to digital platforms.

Pervasiveness: Until today, cash is accepted everywhere, but digital payment has not replaced some money properly.

Friction: Cash is an immediate transfer of value. Digital payments, despite recent developments, still involve more steps than an exchange of cash.


Over the past few decades, the introduction of Technology in businesses has given birth to the on-demand and gig-economy. The government’s goal to make India a cashless society is still a distant dream to be achieved, but the effort to make this goal successful is still going on.

Nikunj Gundaniya
Nikunj Gundaniya, Product manager Digipay.guru, one of the leading Digital wallet solutions, which provides mobile finance application development services. He is a visionary leader whose flamboyant management style has given profitable results for the company. He believes in the mantra of giving 100% to his work.


Please use comments to add value to the discussion. Maximum one link to an educational blog post or article. We will NOT PUBLISH brief comments like "good post," comments that mainly promote links, or comments with links to companies, products, or services.

Please enter your comment!
Please enter your name here